Bitcoin For Dummies. Peter Kent
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was sent by the private key that was used to create this same address so the address must have been sent by the person who owns the address and therefore owns the money associated with the address.”
So that’s the crypto in cryptocurrency! You can control money in the Bitcoin blockchain ledger anonymously through the use of cryptography, using public and private key pairs and associated addresses, by cryptographically signing messages.
THE HOLDER OF THE PRIVATE KEYS OWNS THE MONEY
Okay, so maybe more people have access to the key. But as far as the technology is concerned, it doesn’t matter. Whoever has access to the private key has the cryptographic right to control the money assigned to the blockchain address associated with the key. You may hear the phrase, “whoever has the private key owns the money” or “not your private key, not your Bitcoin.” They may not have acquired the private key legitimately or legally own it, but they can control it nonetheless. So, protect your private keys!
But you’ll need a wallet
After you have an address, you have a way to store Bitcoin. You can give the address to someone from whom you’re buying Bitcoin or to an exchange, for example, and they can send the Bitcoin to that address — in other words, they send a message to the blockchain saying, “Send x amount of Bitcoin from address x to address y.” Now the address exists in the blockchain, and it has Bitcoin associated with it.
A wallet program is a messaging program that stores your keys and addresses in a wallet file. The wallet program does these primary things:
It retrieves data from the blockchain about your transactions and balance.
It stores your private and public keys.
It sends messages to the blockchain transferring your crypto from your addresses to other addresses, such as when you make a purchase using your Bitcoin.
It uses your public keys to create addresses you can give to other people when they need to send Bitcoin to you.
There’s lots more to find out about wallets; you can discover more about them in Chapter 4.
1 Bitcoin is stored in the blockchain.
2 Your Bitcoin is associated with an address in the blockchain.
3 That address is mathematically associated with a public key.
4 The public key is mathematically associated with a private key.
5 Those keys are stored in your wallet.
FIGURE 2-4: The Bitcoin is associated with an address in the blockchain; the address is derived from the public key, which is associated with a private key … which is kept safe in a wallet.
Part 2
Using Bitcoin
IN THIS PART …
Making your first small Bitcoin purchases
Understanding how to work with exchanges
Setting up and managing your own Bitcoin wallet
Learning the secrets to keeping your Bitcoin safe
Investing in Bitcoin and other cryptocurrencies
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